SLM Private Credit Student Loan Trust 2004-A
Quarterly Servicing Report
Report Date: 8/31/2004 Reporting Period: 6/1/04-8/31/04
I. Deal Parameters
Student Loan Portfolio Characteristics | 5/31/2004 | Activity | 8/31/2004 | |||||||||||||
A | i | Portfolio Balance | $ | 1,203,521,802.57 | ($5,341,966.97 | ) | $ | 1,198,179,835.60 | ||||||||
ii | Interest to be Capitalized | 46,171,852.00 | 46,266,131.68 | |||||||||||||
iii | Total Pool | $ | 1,249,693,654.57 | $ | 1,244,445,967.28 | |||||||||||
iv | Cash Capitalization Account (Cii) | 90,638,804.00 | 90,638,804.00 | |||||||||||||
v | Asset Balance | $ | 1,340,332,458.57 | $ | 1,335,084,771.28 | |||||||||||
i | Weighted Average Coupon (WAC) | 5.161 | % | 5.227 | % | |||||||||||
ii | Weighted Average Remaining Term | 190.69 | 189.06 | |||||||||||||
iii | Number of Loans | 147,297 | 146,183 | |||||||||||||
iv | Number of Borrowers | 104,035 | 103,242 | |||||||||||||
v | Prime Loans Outstanding | $ | 1,003,417,069 | $ | 1,003,053,469 | |||||||||||
vi | T-bill Loans Outstanding | $ | 245,015,187 | $ | 240,281,503 | |||||||||||
vii | Fixed Loans Outstanding | $ | 1,261,399 | $ | 1,110,996 | |||||||||||
% of | % of | |||||||||||||||||||||||||||
Notes | Cusips | Spread | Balance 6/15/04 | O/S Securities | Balance 9/15/04 | O/S Securities | ||||||||||||||||||||||
B | i | A-1 Notes | 78443CBF0 | 0.060 | % | $ | 582,115,844.73 | 44.160 | % | $ | 572,145,829.37 | 43.734 | % | |||||||||||||||
ii | A-2 Notes | 78443CBG8 | 0.200 | % | 307,000,000.00 | 23.289 | % | 307,000,000.00 | 23.467 | % | ||||||||||||||||||
iii | A-3 Notes | 78443CBH6 | 0.400 | % | 325,016,000.00 | 24.656 | % | 325,016,000.00 | 24.844 | % | ||||||||||||||||||
vi | B Notes | 78443CBJ2 | 0.580 | % | 43,641,000.00 | 3.311 | % | 43,641,000.00 | 3.336 | % | ||||||||||||||||||
vii | C Notes | 78443CBK9 | 0.950 | % | 60,426,000.00 | 4.584 | % | 60,426,000.00 | 4.619 | % | ||||||||||||||||||
viii | Total Notes | $ | 1,318,198,844.73 | 100.000 | % | $ | 1,308,228,829.37 | 100.000 | % | |||||||||||||||||||
6/15/2004 | 9/15/2004 | |||||||||||
C | i | Reserve Account Balance ($) | $ | 3,130,396.00 | $ | 3,130,396.00 | ||||||
ii | Cash Capitalization Acct Balance ($) | $ | 90,638,804.00 | $ | 90,638,804.00 | |||||||
iii | Initial Asset Balance | $ | 1,342,797,095.73 | $ | 1,342,797,095.73 | |||||||
iv | Specified Overcollateralization Amount | $ | 26,855,941.91 | $ | 26,855,941.91 | |||||||
v | Actual Overcollateralization Amount | $ | 22,133,613.84 | $ | 26,855,941.91 | |||||||
v | Has the Stepdown Date Occurred?* | No | No | |||||||||
* | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero and March 16, 2009. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date. |
1
II. 2004-A Transactions from: 5/31/2004 through: 8/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 14,188,403.39 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 1,439,710.86 | ||||||
iii | Other Servicer Reimbursements | — | ||||||
iv | Seller Reimbursements | 209,072.81 | ||||||
v | Total Principal Collections | $ | 15,837,187.06 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (9,612,094.26 | ) | |||||
iii | Capitalized Insurance Fee | (884,882.91 | ) | |||||
iv | Other Adjustments | 1,757.08 | ||||||
v | Total Non-Cash Principal Activity | $ | (10,495,220.09 | ) | ||||
C | Total Student Loan Principal Activity | $ | 5,341,966.97 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 5,593,907.48 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 46,191.44 | ||||||
iii | Other Servicer Reimbursements | 5.91 | ||||||
iv | Seller Reimbursements | 11,313.48 | ||||||
v | Late Fees | 80,717.21 | ||||||
vi | Collection Fees/Return Items | — | ||||||
vii | Total Interest Collections | $ | 5,732,135.52 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 9,612,094.26 | ||||||
iii | Other Interest Adjustments | 22,301.48 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 9,634,395.74 | |||||
F | Total Student Loan Interest Activity | $ | 15,366,531.26 | |||||
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III. 2004-A Collection Account Activity 5/31/2004 through 8/31/2004
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 13,672,164.31 | |||||
ii | Consolidation Principal Payments | 516,239.08 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 1,439,710.86 | ||||||
iv | Reimbursements by Seller | 2,805.00 | ||||||
v | Reimbursements by Servicer | 0.00 | ||||||
vi | Other Re-purchased Principal | 206,267.81 | ||||||
vii | Total Principal Collections | $ | 15,837,187.06 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 5,591,570.90 | |||||
ii | Consolidation Interest Payments | 2,336.58 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 46,191.44 | ||||||
iv | Reimbursements by Seller | — | ||||||
v | Reimbursements by Servicer | 5.91 | ||||||
vi | Other Re-purchased Interest | 11,313.48 | ||||||
vii | Collection Fees/Return Items | 0.00 | ||||||
viii | Late Fees | 80,717.21 | ||||||
ix | Total Interest Collections | $ | 5,732,135.52 | |||||
C | Recoveries on Realized Losses | $ | — | |||||
D | Amount from Cash Capitalizaton Account | $ | — | |||||
E | Funds Borrowed from Next Collection Period | $ | — | |||||
F | Funds Repaid from Prior Collection Periods | $ | (2,400,000.00 | ) | ||||
G | Investment Income | $ | 300,450.05 | |||||
H | Borrower Incentive Reimbursements | $ | 84,121.94 | |||||
I | Interest Rate Cap Proceeds | $ | — | |||||
J | Gross Swap Receipt | $ | 3,897,717.86 | |||||
TOTAL FUNDS RECEIVED | $ | 23,451,612.43 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
Servicing Fees | $ | (1,404,903.06 | ) | |||||
K | TOTAL AVAILABLE FUNDS | $ | 22,046,709.37 | |||||
L | Servicing Fees Due for Current Period | $ | 701,100.08 | |||||
M | Carryover Servicing Fees Due | $ | — | |||||
N | Administration Fees Due | $ | 20,000.00 | |||||
O | Total Fees Due for Period | $ | 721,100.08 | |||||
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IV. 2004-A Loss and Recovery Detail 8/31/2004
A | i | Cumulative Realized Losses Test | % of Original Pool | 5/31/2004 | 8/31/2004 | |||||||||||
June 15, 2004 to March 16, 2009 | 15 | % | $ | 201,419,564.36 | $ | 201,419,564.36 | ||||||||||
June 15, 2009 to March 15, 2012 | 18 | % | ||||||||||||||
June 15, 2012 and thereafter | 20 | % | ||||||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||||||
iii | Is Test Satisfied (ii < i)? | Yes | Yes | |||||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||||
ii | Principal Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
iii | Interest Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
v | Total Recoveries for Period | $ | 0.00 | $ | 0.00 | |||||||||||
C | i | Gross Defaults: | ||||||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 227,345.53 | $ | 1,667,056.39 | |||||||||||
iii | Cumulative Interest Purchases by Servicer | $ | 4,983.10 | $ | 51,174.54 | |||||||||||
iv | Total Gross Defaults: | $ | 232,328.63 | $ | 1,718,230.93 |
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V. 2004-A Portfolio Characteristics
Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
STATUS | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 5.410 | % | 5.332 | % | 55,983 | 47,336 | 38.007 | % | 32.381 | % | $ | 416,592,528.17 | $ | 345,773,775.25 | 34.614 | % | 28.858 | % | ||||||||||||||||||||||
Grace | 5.469 | % | 5.463 | % | 28,640 | 25,718 | 19.444 | % | 17.593 | % | $ | 221,303,295.21 | $ | 209,467,155.71 | 18.388 | % | 17.482 | % | ||||||||||||||||||||||
Deferment | 4.520 | % | 4.785 | % | 6,603 | 6,506 | 4.483 | % | 4.451 | % | $ | 64,818,391.22 | $ | 60,345,538.66 | 5.386 | % | 5.036 | % | ||||||||||||||||||||||
TOTAL INTERIM | 5.347 | % | 5.323 | % | 91,226 | 79,560 | 61.933 | % | 54.425 | % | $ | 702,714,214.60 | $ | 615,586,469.62 | 58.388 | % | 51.377 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 4.807 | % | 4.990 | % | 45,996 | 53,081 | 31.227 | % | 36.312 | % | $ | 405,045,842.86 | $ | 456,427,160.55 | 33.655 | % | 38.093 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 5.564 | % | 5.855 | % | 1,220 | 1,771 | 0.828 | % | 1.211 | % | $ | 10,413,395.58 | $ | 14,220,119.89 | 0.865 | % | 1.187 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 5.811 | % | 5.966 | % | 488 | 814 | 0.331 | % | 0.557 | % | $ | 4,224,640.72 | $ | 6,703,721.69 | 0.351 | % | 0.559 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 5.988 | % | 6.730 | % | 339 | 348 | 0.230 | % | 0.238 | % | $ | 2,656,616.03 | $ | 2,864,736.73 | 0.221 | % | 0.239 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 6.094 | % | 7.094 | % | 241 | 260 | 0.164 | % | 0.178 | % | $ | 2,130,815.99 | $ | 1,965,284.23 | 0.177 | % | 0.164 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 5.994 | % | 7.017 | % | 60 | 95 | 0.041 | % | 0.065 | % | $ | 525,170.37 | $ | 829,184.97 | 0.044 | % | 0.069 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Forbearance | 5.179 | % | 5.484 | % | 7,727 | 10,254 | 5.246 | % | 7.014 | % | $ | 75,811,106.42 | $ | 99,583,157.92 | 6.299 | % | 8.311 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 4.900 | % | 5.125 | % | 56,071 | 66,623 | 38.067 | % | 45.575 | % | $ | 500,807,587.97 | $ | 582,593,365.98 | 41.612 | % | 48.623 | % | ||||||||||||||||||||||
GRAND TOTAL | 5.161 | % | 5.227 | % | 147,297 | 146,183 | 100.000 | % | 100.000 | % | $ | 1,203,521,802.57 | $ | 1,198,179,835.60 | 100.000 | % | 100.000 | % |
* | Percentages may not total 100% due to rounding | |
** | PRIOR QUARTER DATA HAS BEEN REVISED |
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VI. 2004-A Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
-Signature Loans | 5.421 | % | 111,452 | $ | 865,058,042.20 | 72.198 | % | |||||||||
-Law Loans | 5.148 | % | 18,235 | $ | 157,403,020.68 | 13.137 | % | |||||||||
-Med Loans | 4.330 | % | 12,435 | $ | 119,933,817.24 | 10.010 | % | |||||||||
-MBA Loans | 4.439 | % | 4,061 | $ | 55,784,955.48 | 4.656 | % | |||||||||
- Total | 5.227 | % | 146,183 | $ | 1,198,179,835.60 | 100.000 | % |
* Percentages may not total 100% due to rounding
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VII. 2004-A Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||||
Swap Calculation | ||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | $ | 1,003,417,069.22 | |||||||||||
Counterparty Pays: | ||||||||||||||
ii | 3 Month LIBOR | 1.52000 | % | |||||||||||
iii | Gross Swap Receipt Due Trust | $ | 3,897,717.86 | |||||||||||
iv | Days in Period | 6/15/2004 | 9/15/2004 | 92 | ||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||
v | Prime Rate (WSJ) Less | 2.6400 | % | 1.36000 | % | |||||||||
vi | Gross Swap Payment Due Counterparty | $ | 3,430,260.76 | |||||||||||
vii | Days in Period | 6/15/2004 | 9/15/2004 | 92 | ||||||||||
B | Cap Payments | |||||||||||||
Cap Calculation | ||||||||||||||
i | Notional Swap Amount | $ | 840,000,000.00 | |||||||||||
Counterparty Pays: | ||||||||||||||
ii | 3 Month LIBOR (interpolated for first accrual period) | 1.52000 | % | |||||||||||
iii | Cap Rate | 4.00000 | % | |||||||||||
iv | Excess (if any) of LIBOR over Cap Rate (ii-iii) | 0.00000 | % | |||||||||||
v | Days in Period | 6/15/2004 | 9/15/2004 | 92 | ||||||||||
vi | Cap Payment due Trust | $ | — |
VIII. 2004-A Accrued Interest Factors
Accrued | ||||||||||
Int Factor | Accrual Period | Rate | ||||||||
A | Class A-1 Interest Rate | 0.004037778 | (6/15/04-9/15/04) | 1.58000 | % | |||||
B | Class A-2 Interest Rate | 0.004395556 | (6/15/04-9/15/04) | 1.72000 | % | |||||
C | Class A-3 Interest Rate | 0.004906667 | (6/15/04-9/15/04) | 1.92000 | % | |||||
D | Class B Interest Rate | 0.005366667 | (6/15/04-9/15/04) | 2.10000 | % | |||||
E | Class C Interest Rate | 0.006312222 | (6/15/04-9/15/04) | 2.47000 | % |
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IX. 2004-A Inputs From Prior Data 5/31/04
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||
i | Portfolio Balance | $ | 1,203,521,802.57 | |||||||||||||||||||||
ii | Interest To Be Capitalized | 46,171,852.00 | ||||||||||||||||||||||
iii | Total Pool | $ | 1,249,693,654.57 | |||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 90,638,804.00 | ||||||||||||||||||||||
v | Asset Balance | $ | 1,340,332,458.57 | |||||||||||||||||||||
B | Total Note and Certificate Factor | 0.98661448782 | ||||||||||||||||||||||
C | Total Note Balance | $ | 1,318,198,844.73 | |||||||||||||||||||||
D | Note Balance 6/15/2004 | Class A-1 | Class A-2 | Class A-3 | Class B | Class C | ||||||||||||||||||
i | Current Factor | 0.9701930746 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | ||||||||||||||||||
ii | Expected Note Balance | $ | 582,115,844.73 | $ | 307,000,000.00 | $ | 325,016,000.00 | $ | 43,641,000.00 | $ | 60,426,000.00 | |||||||||||||
F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
H | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | |||||||||||||||||||||
I | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||||||||
J | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 |
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X. 2004-A Note Parity Triggers
Class A | Class B | Class C | ||||||||||||
Notes Outstanding | 6/15/04 | $ | 1,214,131,845 | $ | 1,257,772,845 | $ | 1,318,198,845 | |||||||
Asset Balance | 5/31/04 | $ | 1,340,332,459 | $ | 1,340,332,459 | $ | 1,340,332,459 | |||||||
Pool Balance | 8/31/04 | $ | 1,244,445,967 | $ | 1,244,445,967 | $ | 1,244,445,967 | |||||||
Amounts on Deposit* | 9/15/04 | 103,239,517 | 103,005,311 | 102,623,888 | ||||||||||
Total | $ | 1,347,685,484 | $ | 1,347,451,278 | $ | 1,347,069,855 | ||||||||
Are the Notes in Excess of the Asset Balance? | No | No | No | |||||||||||
Are the Notes in Excess of the Pool + Amounts on Deposit? | No | No | No | |||||||||||
Are the Notes Parity Triggers in Effect? | No | No | No | |||||||||||
Class A Enhancement | $ | 126,200,613.84 | ||||||||||||
Specified Class A Enhancement | $ | 200,262,715.69 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||
Class B Enhancement | $ | 82,559,613.84 | ||||||||||||
Specified Class B Enhancement | $ | 135,177,333.09 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||
Class C Enhancement | $ | 22,133,613.84 | ||||||||||||
Specified Class C Enhancement | $ | 40,052,543.14 | The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount |
* | Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through E for the Class A; Items B through G for the Class B; and Items B through I for the Class C |
XI. 2004-A Cash Capitalization Account Triggers
Cash Capitalization Account Balance (CI)* | 8/31/2004 | $ | 90,638,804.00 | |||||||
A | i | 5.50% of Initial Asset Balance | $ | 73,853,840.27 | ||||||
ii | Excess, CI over 5.5% of initial Asset Bal | $ | 16,784,963.73 | |||||||
iii | Release A(ii) excess to Collection Account?** | 9/15/2004 | DO NOT RELEASE | |||||||
B | i | 3.50% of Initial Asset Balance | $ | 46,997,898.35 | ||||||
ii | Excess, CI over 3.5% of initial Asset Bal | $ | 43,640,905.65 | |||||||
iii | Release B(ii) excess to Collection Account?** | 9/15/2004 | DO NOT RELEASE |
* | as defined under “Asset Balance” on page S-69 of the prospectus supplement | |||
** | determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-49 of the prospectus supplement |
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XII. 2004-A Principal Distribution Calculations
Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below): | ||||||||||||
i | Is the Class A Note Parity Trigger in Effect? | No | ||||||||||
ii | Aggregate A Notes Outstanding | 6/15/2004 | $ | 1,214,131,844.73 | ||||||||
iii | Asset Balance | 8/31/2004 | $ | 1,335,084,771.28 | ||||||||
iv | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||||
vi | Aggregate A and B Notes Outstanding | 6/15/2004 | $ | 1,257,772,844.73 | ||||||||
vii | Asset Balance | 8/31/2004 | $ | 1,335,084,771.28 | ||||||||
viii | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
ix | Second Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||||
xi | Aggregate A, B and C Notes Outstanding | 6/15/2004 | $ | 1,318,198,844.73 | ||||||||
xii | Asset Balance | 8/31/2004 | $ | 1,335,084,771.28 | ||||||||
xiii | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
xiv | Second Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
xv | Third Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
Regular Principal Distribution | ||||||||||||
i | Aggregate Notes Outstanding | 6/15/2004 | $ | 1,318,198,844.73 | ||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,335,084,771.28 | ||||||||
iii | Specified Overcollateralization Amount | 9/15/2004 | $ | 26,855,941.91 | ||||||||
iv | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
v | Second Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
vi | Third Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
vii | Regular Principal Distribution Amount | $ | 9,970,015.36 | |||||||||
viii | Actual Principal Distribution Amount paid | $ | 9,970,015.36 | |||||||||
ix | Shortfall | $ | — | |||||||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,335,084,771.28 | ||||||||
iii | 85% of Asset Balance | 8/31/2004 | $ | 1,134,822,055.58 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 26,855,941.91 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,134,822,055.58 | |||||||||
vi | Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | 9,970,015.36 | |||||||||
vii | Class A Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — | |||||||||
Class B Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,335,084,771.28 | ||||||||
iii | 89.875% of Asset Balance | 8/31/2004 | $ | 1,199,907,438.18 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 26,855,941.91 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,199,907,438.18 | |||||||||
vi | Class B Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||||||
vii | Class B Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — | |||||||||
Class C Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,335,084,771.28 | ||||||||
iii | 97% of Asset Balance | 8/31/2004 | $ | 1,295,032,228.14 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 26,855,941.91 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,295,032,228.14 | |||||||||
vi | Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||||||
vii | Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — |
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XIII. 2004-A Waterfall for Distributions
Remaining | ||||||||||||||||
Funds Balance | ||||||||||||||||
A | Total Available Funds ( Sections III-K ) | $ | 22,046,709.37 | $ | 22,046,709.37 | |||||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 701,100.08 | $ | 21,345,609.29 | |||||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 21,325,609.29 | |||||||||||
D | Gross Swap Payment due | $ | 3,430,260.76 | $ | 17,895,348.53 | |||||||||||
E | i | Class A-1 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 2,350,454.42 | $ | 15,544,894.11 | |||||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 1,349,435.56 | $ | 14,195,458.55 | ||||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 1,594,745.17 | $ | 12,600,713.38 | ||||||||||
vi | Swap Termination Fees due | 9/15/2004 | $ | 0.00 | $ | 12,600,713.38 | ||||||||||
F | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 12,600,713.38 | |||||||||||
G | Class B Noteholders’ Interest Distribuition Amount due | 9/15/2004 | $ | 234,206.70 | $ | 12,366,506.68 | ||||||||||
H | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 12,366,506.68 | |||||||||||
I | Class C Noteholders’ Interest Distribuition Amount | $ | 381,422.34 | $ | 11,985,084.34 | |||||||||||
J | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 11,985,084.34 | |||||||||||
K | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 11,985,084.34 | |||||||||||
L | Regular Principal Distribution Amount — Principal Distribution Account | $ | 9,970,015.36 | $ | 2,015,068.98 | |||||||||||
M | Carryover Servicing Fees | $ | 0.00 | $ | 2,015,068.98 | |||||||||||
N | Swap Termination Payments | $ | 0.00 | $ | 2,015,068.98 | |||||||||||
O | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 2,015,068.98 | |||||||||||
P | Remaining Funds to the Certificateholders | $ | 2,015,068.98 | $ | 0.00 |
XIV. 2004-A Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 9,970,015.36 | $ | 9,970,015.36 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 9,970,015.36 | $ | 0.00 | ||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Class A-3 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
C | Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
D | Class C Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
E | Remaining Class C Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
F | Remaining Class B Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
G | i | Remaining Class A-1 Distribution Paid | $ | 0.00 | $ | 0.00 | ||||||
ii | Remaining Class A-2 Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Remaining Class A-3 Distribution Paid | $ | 0.00 | $ | 0.00 |
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XV. 2004-A Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class B | Class C | ||||||||||||||||||||
i | Quarterly Interest Due | $ | 2,350,454.42 | $ | 1,349,435.56 | $ | 1,594,745.17 | $ | 234,206.70 | $ | 381,422.34 | |||||||||||||||
ii | Quarterly Interest Paid | 2,350,454.42 | 1,349,435.56 | 1,594,745.17 | 234,206.70 | 381,422.34 | ||||||||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||
vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
vii | Quarterly Principal Distribution Amount | $ | 9,970,015.36 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
viii | Quarterly Principal Paid | 9,970,015.36 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||
ix | Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
x | Total Distribution Amount | $ | 12,320,469.78 | $ | 1,349,435.56 | $ | 1,594,745.17 | $ | 234,206.70 | $ | 381,422.34 | |||||||||||||||
B | Note Balances | 6/15/2004 | Paydown Factors | 9/15/2004 | ||||||||||||||||||||||
i | A-1 Note Balance | 78443CBF0 | $ | 582,115,844.73 | $ | 572,145,829.37 | ||||||||||||||||||||
A-1 Note Pool Factor | 0.9701930746 | 0.0166166923 | 0.9535763823 | |||||||||||||||||||||||
ii | A-2 Note Balance | 78443CBG8 | $ | 307,000,000.00 | $ | 307,000,000.00 | ||||||||||||||||||||
A-2 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||
iii | A-3 Note Balance | 78443CBH6 | $ | 325,016,000.00 | $ | 325,016,000.00 | ||||||||||||||||||||
A-3 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||
vi | B Note Balance | 78443CBJ2 | $ | 43,641,000.00 | $ | 43,641,000.00 | ||||||||||||||||||||
B Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||
vii | C Note Balance | 78443CBK9 | $ | 60,426,000.00 | $ | 60,426,000.00 | ||||||||||||||||||||
C Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 |
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XVI. 2004-A Historical Pool Information
6/1/04-8/31/04 | 02/24/04 - 05/31/04 | |||||||||||
Beginning Student Loan Portfolio Balance | $ | 1,203,521,802.57 | $ | 1,213,231,182.32 | ||||||||
Student Loan Principal Activity | ||||||||||||
i | Principal Payments Received | $ | 14,188,403.39 | $ | 14,555,943.75 | |||||||
ii | Purchases by Servicer (Delinquencies >180) | 1,439,710.86 | 227,345.53 | |||||||||
iii | Other Servicer Reimbursements | — | — | |||||||||
iv | Seller Reimbursements | 209,072.81 | 1,450,959.90 | |||||||||
v | Total Principal Collections | $ | 15,837,187.06 | $ | 16,234,249.18 | |||||||
Student Loan Non-Cash Principal Activity | ||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | |||||||
ii | Capitalized Interest | (9,612,094.26 | ) | (6,171,529.04 | ) | |||||||
iii | Capitalized Insurance Fee | $ | (884,882.91 | ) | $ | (387,523.24 | ) | |||||
iv | Other Adjustments | 1,757.08 | 34,182.85 | |||||||||
v | Total Non-Cash Principal Activity | $ | (10,495,220.09 | ) | $ | (6,524,869.43 | ) | |||||
(-) | Total Student Loan Principal Activity | $ | 5,341,966.97 | $ | 9,709,379.75 | |||||||
Student Loan Interest Activity | ||||||||||||
i | Interest Payments Received | $ | 5,593,907.48 | $ | 5,083,095.36 | |||||||
ii | Repurchases by Servicer (Delinquencies >180) | 46,191.44 | 4,983.10 | |||||||||
iii | Other Servicer Reimbursements | 5.91 | 1.46 | |||||||||
iv | Seller Reimbursements | 11,313.48 | 57,751.49 | |||||||||
v | Late Fees | 80,717.21 | 68,613.01 | |||||||||
vi | Collection Fees | — | — | |||||||||
viii | Total Interest Collections | 5,732,135.52 | 5,214,444.42 | |||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | |||||||
ii | Capitalized Interest | 9,612,094.26 | 6,171,529.04 | |||||||||
iii | Other Interest Adjustments | 22,301.48 | 59,757.30 | |||||||||
iv | Total Non-Cash Interest Adjustments | $ | 9,634,395.74 | $ | 6,231,286.34 | |||||||
v | Total Student Loan Interest Activity | $ | 15,366,531.26 | $ | 11,445,730.76 | |||||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,198,179,835.60 | $ | 1,203,521,802.57 | |||||||
(+) | Interest to be Capitalized | $ | 46,266,131.68 | $ | 46,171,852.00 | |||||||
(=) | TOTAL POOL | $ | 1,244,445,967.28 | $ | 1,249,693,654.57 | |||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 90,638,804.00 | $ | 90,638,804.00 | |||||||
(=) | Asset Balance | $ | 1,335,084,771.28 | $ | 1,340,332,458.57 |
13
XVII. 2004-A Payment History and CPRs
Distribution | Actual | Since Issued | ||||||
Date | Pool Balances | CPR * | ||||||
Jun-04 | $ | 1,249,693,655 | 2.26 | % | ||||
Sep-04 | $ | 1,244,445,967 | 2.42 | % |
* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
14